Lakeward sells Berlin office building
Zurich-based real estate investor Lakeward sells its stake in the P89 Berlin office building to co-investor Udo Schloemer.
Lakeward and Udo Schloemer jointly acquired the office building at Palisadenstrasse 89 in Berlin-Mitte, a building from the 1970s, in 2016 and converted it into a multifunctional office building. The result is flexible office space as well as meeting zones; the previously unused roof space was converted into a terrace. The five-story building has a gross usable area of 11,000 square meters. Since the completion of construction work in 2019, it has been fully leased to Smava GmbH.
Now Lakeward has withdrawn from the project development. With the sale, the strategic goals set at the start have been brought to the planned conclusion within the planned time, the investor says. After the sale of the Mittenmang residential complex in Berlin in spring 2022, this is already the second exit this year. (ah)
